A discussion on truth, beauty, the American way, humor, intelligence, love, stupidity and where we are today
Monday, October 22, 2012
"60 Minutes" on Goldman Sachs: Matt Taibbi is (somewhat) vindicated
Last evening, CBS' "60 Minutes" had a segment on a Goldman Sachs executive, one Greg Smith, and his leaving the company because of their low internal standards and lack of respect for clients in a rather famous op/ed in The New York Times last year.
There are a few things about this, too, that need to be pointed out, I think.
First is that it's amazing, to an extent, that it ever came out on CBS News at all, unfortunately. This kind of coverage from the "Big 4" networks just doesn't occur any more, it seems. As a kind of "gentlemen's agreement" between big corporations, one doesn't reveal much or anything of other companies if it's negative. It's the kind of thing Edward Murrow warned us of, so many decades ago, that the television networks would be about profit and profits and not on reporting what's important to the people, nation and world.
Second, it needs to be said that the reporter, Matt Taibbi, over at Rolling Stone has been reporting on various companies and their involvement in the huge 2008 financial collapse, for years now. His reporting seems to be lost to anyone and everyone who doesn't read this music/reporting, unconventional magazine.
It's a shame, too, since Mr. Taibbi's coverage has been both scathing and important, given the millions of people across the world that were hurt financially by this fleecing of America and the world. The third thing about last evening's report from CBS is that it was the 2nd story.
The first story of the evening--what you'd t hink was the most important story of the show--was about medicinal marijuana. One of the biggest financial thefts in the nation's history, it nearly brought down the nation's economy and then the world's, yet it was relegated to the 2nd show of the evening. The last story before the "fluff piece" of the night. Nearly unbelievable.
Finally, the thing about this story being told last evening is that it involves one of the biggest banks in the nation and world, the theft was large scale in both dollars and people and nations that were effected by this debacle and stealing yet this is the bank that is still and has been for years in the White House.
Does this make sense to anyone who isn't in Goldman Sachs?